It now looks likely that the so-called International settlement will take an additional two or three months as Garden City Group, the company charged with administering the settlement, experience further difficulties in the courts.
It appears that the currency motion – relating to the conversion of monies from US dollars into local currency – has caused another delay. And ATG have now learnt that some payments will be made in two tranches. Buyers at Sotheby’s and/or Christie’s during the collusion period will get a single cheque, but sellers will receive two cheques, one in the coming months, the other not until June 2006.
It is now almost two years since the initial settlement deadline of December 10, 2003.
James Tharin of the Chicago Clearing Company, the US firm who trade in class action certificates, told ATG the settlement process was proving as long-winded as any he had known. He and his colleague Brian Blockovich will again be in London from October 22-26 for what they call “a last hurrah”, buying and selling the vendors’ vouchers issued in the US side of the settlement, concluded in June 2003. Mr Tharin says his company have bought and sold $12m worth of the certificates but notes that almost $109m of the $125m certificates originally issued have yet to be redeemed.
Now there’s another delay in collusion payments Red tape means a further two or three months’ wait
Red tape continues to delay compensation payments in the Sotheby’s/Christie’s collusion case, despite assurances that they would be made by the end of September.
